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Infrastructure

Brazil's Olympics and World Cup Projects

Highlight FCPA Risk

Foreign companies eyeing a slice of Brazil’s World Cup and Olympics infrastructure bonanza face a unique set of Foreign Corrupt Practices Act (FCPA) risks. Facilitation payments and bid rigging are particular concerns for investors seeking not to run afoul of the US anti-corruption statute ...

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What we talk about When we talk about Infrastucture

Manuel Rodriguez of GBM on a New Generation of Investment Opportunities

Recent years have seen intensified interest in Mexican infrastructure.  There is a consensus that massive investment is needed in the sector to relieve the bottlenecks resulting from a growing population, an increasingly demanding middle class, and the agriculture, mining, manufacturing and tourism at the heart of Mexico’s economy.  That economy, the 13th largest in the world in terms of nominal GDP, ranked only 79th in the World Economic Forum’s Global ...

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Mexico City: Car Addiction

An Interview with Salvador Herrera Executive Director, Center for Sustainable Transport CTS México

Urban mobility is high on the infrastructure agenda in Mexico. While highways continue to be a priority, the capital and other large cities across the country are looking to implement mass transport systems such as bus rapid transit (BRT) lines. At the heart of Mexico City's transport policy is a contradiction that is typical of the country as a whole. The government is spending big on line 12 of the metro system and has introduced the first Metrobús BRT line in the country ...

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Infrastructure Debt Funds & Exchange Rate Risk

In Latin America

A few months ago, I was asked to consult a investment professional at a certain infrastructure advisory firm on how managers of an infrastructure debt fund (IDF) in an emerging market hedge against exchange-rate risk. This matter is of critical importance when GPs lend to an IDF in a hard currency (e.g. U.S. dollars, euros, yen) and the IDF’s assets are in the project’s currency. It is also convenient for the lender and the economy as a whole because the number of potential borrowers exponentially increases.  In those respects, I would like to highlight the value of providing debt financing in the same currency as that of the borrower’s revenue ...

 

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Mezzanine Finance

For Latin American Infrastructure

 Mezzanine finance is an innovative and complex way to finance corporate expansion projects, acquisitions, recapitalizations and leveraged buyouts and to structure refinancings. The infrastructure sector is no exception and private sector companies use it to develop public infrastructure. A mezzanine financing can be structured in a number of ways. This facilitates its capacity to evolve with market conditions and adapt to meet the particular financial needs of companies and projects. A “well structured mezzanine transaction aligns all interests around the success of the project and provides all sides with a better deal, as it mitigates risks from the investor side while avoiding unnecessary dilution from the sponsors … 

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Alternative Latin Investor: Infrastructure Profile

Gonzalo Ferre Molto, General Manager of the South America Tollroads Division of Abertis

 Abertis Infraestructuras SA is a Spanish company active in the management of infrastructures. Its business is structured in five areas: (i) Tollroads, managing concessionaires active in the highway operation mainly in Europe and Latin America; (ii) Telecommunications, operating through Abertis Telecom SA, which owns the main site network for the broadcast and delivery of radio and television signals in Spain, and stakes in the main satellite operators in Europe and South America; (iii) Airports, represented by Abertis Airports SA, an airport operator which has interests in 30 airports in nine European and Latin American countries; (iv) Car Parking … 

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Landing In Latin America

Perspectives for the Region's Airports

 Private sector participation in the operation of Latin American airports is very uneven. While state-owned INFRAERO operates every major airport in Brazil, Aeropuertos Argentina 2000 operates 90% of the airports in Argentina. In the middle we find countries such as Peru, Mexico, Chile and the Dominican Republic where single or groups of airports have been “privatized” through concessions. What is not uneven is the growth rate of current and expected passenger traffic levels in the Latin American region. What is not uneven is the growth rate of current and expected passenger traffic levels in the Latin American region … 

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A look at Infrastructure Development in Argentina

Investing in Latin American Infrastructure

 According to The Private Participation in Infrastructure Project Database, out of the sixty-nine infrastructure projects that achieved financial or contractual closing during 2009 in the Latin America and Caribbean region, only one occurred in Argentina. This marks a decade of private sector aversion towards investing in infrastructure assets in Argentina (see graph A). But, as the graph shows, things have not always been this way. So what has happened? Why is it that no expert, paper, conference, or publication related to infrastructure ever refers to Argentina as a suitable destination for private sector resources? In this article, we offer … 


 

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Guide to Infrastructure in Latin America

Successful partnerships between the public and private sectors

 Many countries in Latin America are well under way in developing successful partnerships between the public and private sectors that are creating vast portfolios of future infrastructure projects. Any investment officer (“IO”) analyzing the news of the past year will see that there are many financially attractive projects for the development and upgrade of ports, subways and trains, airports, and energy related infrastructure in the region. However, IOs evaluating investing in or granting a loan to a project company bidding to build, finance and operate an infrastructure project (the “Infrastructure Company ”) in most Latin American countries will also have … 

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Investing in Listed Shares of Latin American Infrastructure Companies

Discussing strategies for how to invest in listed shares of LatAm Infrastructure companies

 Acquiring exposure to the Latin American infrastructure sector is becoming increasingly accessible for investors. Although the infrastructure sectors and capital markets in the region still have a long way to go to match, in many aspects, those of United States, Canada, Europe or Australia, there are a number of investment strategies that can be executed around the three clusters that make up this sector (utilities, transportation and energy) covering, in this way, a broad spectrum of risk - return profiles. These investment strategies result from the combination of (i) the investment vehicle; (ii) the business underlying or … 


 

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Municipal Bonds in Latin America

Municipal governments operating public infrastructure works

 There are several reasons for which municipal governments (MGs) would want to build and/or operate public infrastructure works either through their own agencies or through state-owned companies. The literature mentions: public animosity towards private companies operating essential services (e.g. water & sanitation); electoral politics, i.e., a large number of local residents directly or indirectly depending on the government’s budget can translate into a large number of votes; non-competitive returns on investment offered by certain projects; and “social infrastructure” projects. One of the ways to finance said enterprises, particularly the initial capital expenditure, is through the issuance of medium or long-term …  


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Latam Index Analysis

Analyzing Latin American Investments

Msci Brazil (EWZ) recently raised above the main bearish resistance line at $51.00 switching officially to bullish mode. Since May 08 double top at $102.00 prices started declining sharply until the breakthrough of the main bullish support line at $86.50 on early June 08 changed the overall outlook to bearish. The downtrend, which was defined by a customary pattern of lower highs and lower lows, found initial support at $68.00 where a corrective up move evolved pulling back prices to $75.00 before resuming the contraction. The second corrective up move emerged from support at $51.00 and touched … 



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